A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.

June 23, 2008

Sure is bizarre to see Democrats looking to spend hundreds of billions in taxpayer dollars to bail out corrupt mortgage lenders, and the GOP pushing back.

You'd think the GOP would be in favor of bailing out big financial corporations like Countrywide, BofA and Wells Fargo. But maybe they're finally coming to their senses, and they're now gonna get back to protecting Americans from free-spending Democrats. Even if their corporate buds would benefit from said spending.

Strange days indeed. Meanwhile, this Chris Dodd Housing Gambler BofA Countrywide Bailout bill is dead. D-E-A-D dead. The Dems may still stupidly pass it, but Bush will veto it right quick, and they won't have the votes to override.

29 comments:

Anonymous
said...

The bill also has its many critics, drawing the kind of slams we're seeing every day in the On Background comments area. Most want to talk about the Hope for Homeowners portion of the bill, which would establish government guarantees on refinanced home loans.

Just this morning, readers were weighing in. Kathryn Modell wrote: "OK, That's it! I am so disgusted with the Democrats handling of this issue that I will BE VOTING REPUBLICAN for the first time in my adult life. This bill absolves these criminal banks of almost all responsibility and lets TAXPAYERS pay billions for their bad bets."

The network news outlets - ABC, CBS and NBC - have missed a great opportunity to cover actual political news in the last week by failing to report on the loan scandal surrounding two Democratic senators, Business & Media Institute Managing Editor Amy Menefee told "Fox & Friends Weekend" June 21.

"This story has everything," Menefee said. "It has a former presidential candidate, Chris Dodd. It has two senators who are getting, like you said, sweetheart loans. It has Kent Conrad, another senator, who called the CEO of the lender to get his loan, which is not what we normally do, and then said, ‘Oh, I didn't get any preferential treatment and I didn't do anything wrong, but I'm going to give a charitable donation to remedy the fact that I didn't do anything wrong.'"

Menefee said it was "very sad" that the networks failed to report the scandal - not just because they refused to go after two Democrats, but because they missed an opportunity to expose the bailout plan Dodd has been defending.

Go to opensecrets.org and you will see who is getting the money from banks, hedge funds and Wall Street. It is heavily in favor of the Democrats, especially the hedge funds. Dodd's home state of Connecticut is where all the bankers and traders have their mansions.

I will be staying home or voting Republican if this act of war against responsible Americans is passed. I support Democrats 90% of the time but this is making me sick to see the blatant robbery of the middle class to fill the pockets of the bankers.

I completely agree. The major networks failure to cover this story shows they have a deliberate agenda that is not in the publics best interest. It is time to realize that they are corrupt and need their abbreviations re-translated.ABC -- A Betrayal CorporationNBC -- Nation Biased ...CBC --- Central Brainwashing CorporationIt is time to investigate our media and find out how many of their stories they cover are buttered up with "influence" money --- Let see, how could it work? * I will spend 5 million in advertising with your network if you just overlook the storyWhat's going on is more than just the typical left wing bias. This stinks like corruption with its tentacles infiltrating our major media outlets.

I agree with Hell No (apart from "I support Democrats 90% of the time"!!). Why is it that, in a nation of about 300 million people, we have to put up with this sort of nonsense from the supposed leaders of the country? I know it's a little naive, but in reality, what will ever change as long as this is tolerated?

If the Republicans would at least vote against the bill then Bush would have the chance to do one thing right in his life and veto it. I am voting for Ron Paul.As George Carlin said, politicians are just there to give you the illusion that you have a choice. They own you and steal your money to give it to their criminal friends on Wall Street.

The only people I want the government to help are the homeowners (mostly elderly), who owned their homes, wanted to do some modest home repairs, thought they were taking out a modest home improvement loan, but in fact were signed up for high a interest ARM by Mr. Slick Willie, from the Hide & Seek mortgage company. Everybody else, sorry, you are going to have to take the hit.

Guess what, the country needs to take this hit.

Obama is going to hear this Saturday from a lot of supporters who are against this bill.

I agree Keith. This bill is dead. Obama is for providing some support, but this bill went farther than he wanted to go. Now that we know about the sweetheart deals Dodd and others got, we know why this deal was put together.

The mortgage meltdown fiasco is radioactive. Touch it, hang around it too long, and you're a dead man.

In many ways, what is happening now is beautiful (the fall of housing and markets), because it's normalizing this entirely speculative bunch of over-priced stuff, which is not worth anything close to what it was trumped up to be.

Grap your bag of nicely buttered popcorn, you children (if you have any), wife/girlfriend/partner and be prepared to hunker down for some very, very tough times.

As an actual home owner, I have no vested interest in any of this ridiculousness, but I would hope to see some sensibility in housing prices within the next 2-4 years for hard working folks who rightly deserve to have a dwelling of their own - a place where they will actually live, and make a home out of.

We have a long, long ways to go yet in price declines to where we're anywhere close to things making sense for the greater pool of potential house debters out there, so be patient and wait it out while you can - it's going to get bloody out there in the streets for many folks.